US-based Mylan Inc’s Rs. 5,168-crore proposal to acquire Agila Specialties Pvt Ltd — a subsidiary of pharma firm Strides Arcolab — was cleared by the Foreign Investment Promotion Board (FIPB) on Tuesday.
“Mylan proposal was cleared,” economic affairs secretary Arvind Mayaram told reporters after the meeting FIPB meeting.
Since the Mylan’s investment proposal is of over R1,200 crore, it will go to the Cabinet Committee on Economic Affairs for final approval.
According to a ‘Share Purchase Agreement’, Mylan would acquire entire issued and outstanding share capital of Agila Specialities Pvt Ltd — a subsidiary of pharma firm Strides Arcolab.
Mylan had moved the FIPB to seek approval for the acquisition.
Agila — a developer, manufacturer and marketer of high- quality generic injectable products — would be acquired by Mylan directly or through one of its subsidiaries.